Prominent Bitcoin Miner Bets on Ethereum, Predicts ETH Will Beat BTC This Cycle

Jiang Zhuoer, the founder of Chinese mining pool BTC.TOP, has shifted from a bearish outlook to a bullish stance on Ethereum (ETH). After selling ETH between $1,738 and $1,931 and opening short positions, he repurchased the asset near $2,100 and later sold about half of his spot holdings near $2,525.

Reason for the Shift

Jiang now believes the crypto bear market has ended, citing the relative strength of the ETH/BTC pair as evidence of genuine demand for smart‑contract platforms. He points to perceived U.S. government support for blockchain and growing tokenization of stocks and bonds as tailwinds for Ethereum.

Planned Allocation

He intends to allocate the majority of his remaining capital to ETH if Bitcoin retraces to the $67,000‑$72,000 range. If that pullback does not occur, he plans to buy ETH at market prices no later than the end of October. Currently, 20%‑30% of his intended capital is held in USDT as a reserve.

Market Performance

As of August 23, Bitcoin was trading near $77,050, up about 22% for the week. Ethereum outperformed, rising roughly 30% to around $2,420.

Outlook

Jiang estimates that if Bitcoin reaches $200,000 and the ETH/BTC ratio stays around 0.1, ETH could approach $20,000, though he notes these are rough estimates.